Magnesium Buyers Warn Crunch Threatens Millions of European Jobs [Financial Post (Toronto, Ontario, Canada)]
Alcoa Corporation (AA)
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Source: Financial Post
Chinese exports of magnesium — a critical material for hardening aluminum alloys and used in everything from power tools to laptops — has plunged as the nation cuts output because of an energy crunch. That's caused prices to spike and left buyers worldwide exposed. Elon Musk is on track to become the world's first trillionaire Advertisement Europe, which buys 95% of its magnesium from China, is expected to run out of the metal by the end of November, a group of industry associations including European Aluminium, Eurometaux and industriAll said on Friday. Production shortages, factory closures and job losses could follow unless reserves are replenished, they said. Advertisement Article content The magnesium shortfall is among a growing list of headaches for a wide range of industries that have been hit by record gas and power prices, higher prices of materials such as copper and snarled supply chains. “Supply of magnesium originating from China has either been halted or
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